Executive search and hiring firms including Transearch, Longhouse Consulting, CIEL HR and GI Group Holdings say that unlike earlier, when it was difficult to even pin down senior Big Tech professionals for job offer conversations, now they’re the ones who often make the first move.
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While those on tech functions have it easier than their counterparts, say, in the business side, salaries remain a big challenge with few hiring companies willing to match the huge packages many of these professionals currently get.
“Earlier, most senior candidates at Big Tech companies were not interested in considering new job opportunities. Now, we are seeing a lot of inbound queries from the likes of Google, Amazon and Meta. These are people in tech and product roles, who are sitting on packages running into multiple crores. Currently, opportunities are comparatively low, and leaders are ready to take (pay) cuts for the right opportunity and wealth creation via ESOPs,” said Ashish Sanganeria, senior partner at Transearch.
Globally, Big Tech companies including Microsoft, Amazon and Google have cut hundreds of thousands of jobs.
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The downsizing is a consequence of economic uncertainties and an overall pullback after going big and over-hiring during the boom times. And, while the worst of the layoffs may be over, there is still plenty of trepidation among employees.
“Can Google operate at a 10-20% lower employee base than it (currently) has? Quite possibly,” said the head of an executive search firm who claimed that he recently had this conversation with a senior professional at the tech major who is job hunting. “Some have already got impacted; some others feel they may be targeted in the future,” he said. The recruiter, who declined to be named, said some of these employees were sitting on packages of Rs 3-7 crore, including stocks.
Sonal Arora, country manager India at GI Group Holdings, cited the example of a senior professional who approached them to explore opportunities as he felt his role in the current organisation may get rationalised, rendering him redundant. “Such candidates would usually be very choosy, but this Mumbai-based person was open to relocation to any other place or even a shift of industry,” said Arora.
“The prevailing uncertainty in the tech sector and the macroeconomic headwinds have made many senior executives more open to negotiations with some settling for a lower-than-current pay,” she added.
With a glut of talent out on the market, recruiters are now spoilt for choice.
“This is a classic syndrome of a ‘slowdown market’ where a lot of inaccessible talent has now become accessible. For instance, if a company is seeking to hire a CTO, the quality of talent now available in the market will be very strong,” said Anshuman Das, CEO of Longhouse Consulting.
While some are in no hurry, they are having exploratory conversations and keeping their options open. “Globally, as well as in India, tech companies and tech-based startups have shelved many projects or kept many at abeyance. Going ahead if any of those restart, there will be a need for VPs, senior directors, etc. Many senior professionals are hence letting us know they are open to suitable employment,” said Aditya Narayan Mishra, CEO, CIEL HR.
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